DOJ Files Antitrust Suit Against Visa Over Debit Cards

Bloomberg News reports:

The US Justice Department sued Visa Inc. Tuesday, alleging the global payments giant illegally monopolized the debit card market, in the Biden administration’s first major antitrust case in the financial services industry.

Antitrust enforcers alleged in a complaint filed in Manhattan federal court that Visa, which handles more than 60% of US debit transactions, entered into a series of agreements penalizing merchants who sought to use alternatives and paid potential rivals to stay out of the market.

Visa is the largest of the payment networks in the US and collects some $7 billion in yearly fees on both debit transactions and so-called “card not present” transactions where customers use their debit card number online or in apps, according to the complaint.

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The US Justice Department sued Visa Tuesday, alleging the global payments giant illegally monopolized the debit card market https://t.co/iSpRik2YHh

— Bloomberg (@business) September 24, 2024